EUR/USD Back and Forth Around 1.1400

EUR/USD Back and Forth Around 1.1400

4 April 2016, 18:13
Roberto Jacobs

EUR/USD Back and Forth Around 1.1400

EUR/USD has been confined to a narrow range on Monday, having seesawed around 1.1400 unable to set a short-term direction in the absence of major drivers.

As investors continue to assess last Friday’s nonfarm payrolls data and despite somewhat hawkish comments from Fed’s Rosengren, the dollar failed to sustain early gains and is trading flat for the day against the euro.

EUR/USD found support at the 1.1360 and made an upside attempt that remained capped by 1.1408 at the beginning of the New York session. At time of writing, the pair was trading at 1.1384, virtually unchanged on the day.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find next resistances at 1.1437 (Apr 1 high), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high). On the flip side, supports are seen at 1.1357 (Apr 4 low), 1.1334 (Apr 1 low) and 1.1270 (10-day SMA).

(Market News Provided by FXstreet)

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